M

National economy of a country that relies on market forces to determine levels of production, consumption, investment and savings without government intervention

Market value

Open market selling price; price varies with economic conditions at any given time

Maturity

Date on which the principal balance of a loan becomes due and payable; ALSO marks the date when a bond pays its principal

Minimum average balance to avoid fees

Balance in the account, from day-to-day, must average this amount when calculated; if the account balance falls below this amount, the account holder will be subject to the monthly charge and/or per usage transaction charges

Minority businesses

As defined by the Small Business Administration, business owned by those who are "socially and economically disadvantaged"

Mixed economy

Economic system in which both the government and private enterprise play important roles with regard to production, consumption, investment and savings

Monetary policy

Federal Reserve System actions to influence the availability and cost of money and credit as a means of helping to promote high employment, economic growth, price stability and a sustainable pattern of international transactions

Mutual fund that invests only in short term securities, such as bankers' acceptances, commercial paper, repurchase agreements and government bills; funds are not federally insured, although the portfolio may consist of guaranteed securities and/or the fund may have private insurance protection

Money supply

Amount of money (coins, paper currency, and checking accounts) that is in circulation in the economy

Mortgage loan

Consumer loan secured by residential real estate, usually the borrower's primary residence; may be used to purchase or refinance a home or property, with payments usually spread over 15 to 30 years

Multi level marketing (MLM)

Way of selling goods or services through distributors; plans promise that if one signs up as a distributor, he/she will receive commissions-for both sales of the plan's goods or services and those of other people who are recruited to join the distributors; plans that offer to pay commissions for recruiting new distributors are called "pyramiding" and illegal in most states

Municipal bond

Offered by state or local government, these bonds pay for special projects such as highways or sewers; interest that investors receive is exempt from some income taxes

Mutual fund

Pools of money managed by an investment company; offer investors a variety of goals, depending on the fund and its investment charter